The Tampa Bay Rays released definitive documents outlining an agreement with the City of Tampa and Hillsborough County for a proposed Forever Home ballpark and mixed-use district at Hillsborough College’s Dale Mabry campus in Tampa. The Tampa City Council is scheduled to vote on the agreement next Thursday. Hillsborough County commissioners are expected to vote the following day if the City Council approves the deal.
The documents provide a framework for a new ballpark, a reimagined Hillsborough College campus and a privately financed neighborhood. They require work on the site to begin next month and call for the project to be completed by March 31, 2029. The Rays have stated their intent to move into the new home by Opening Day 2029.
Rays outline ballpark funding structure
The agreement evolved from a non-binding memorandum of understanding announced in May that outlined a proposed $2.3 billion ballpark project. The funding structure includes an approximately $1.37 billion investment from the Tampa Bay Rays, plus all cost overruns. Hillsborough County would contribute $796 million, while the City of Tampa would pay $80 million.
The definitive documents replace the city’s proposed $100 million Community Redevelopment Agency contribution with a Community Development District privately financed by the Tampa Bay Rays. A portion of the tax revenue generated by the mixed-use development would be contributed to the district for public infrastructure, capital expenditures on public-use areas and debt service on privately placed debt. Property tax revenues would also be shared with Hillsborough County and the City of Tampa.
“Importantly, this means the project must generate new value before that revenue is available for reinvestment,” the Tampa Bay Rays said in a summary of the documents. The documents call for a 35-year initial term and a non-relocation commitment. They also include no new taxes and protected public safety funding.
The Tampa Bay Rays’ use agreement at Tropicana Field in St. Petersburg expires after the 2028 season. The proposed project is planned to include a revamped Hillsborough College campus, office space, retail, entertainment, dining, hotel and residential offerings, along with public spaces. The team has described the development as a privately financed neighborhood where people can work, live, learn and play.
Ken Babby calls documents a framework for new home
Tampa Bay Rays chief executive officer Ken Babby said the documents establish a framework for the ballpark, campus and surrounding neighborhood. “Today, due to the remarkable determination of many throughout this process, we have definitive documents that will serve as the framework to deliver a new ballpark, a reimagined Hillsborough College campus, and a privately financed neighborhood where we can all work, live, learn, and play,” Babby said in a statement. He also said the team had taken significant steps toward making its Forever Home a reality.
Tampa Mayor Jane Castor called Friday’s news “a historic step forward for Tampa & our entire region.” Castor said the Rays, the city and the county “have worked incredibly hard to reach a deal that keeps the Rays in Tampa Bay, protects taxpayers and unlocks the potential for transformational development in our city.” The plan has received support from Florida Gov. Ron DeSantis and Major League Baseball Commissioner Rob Manfred.
The Tampa Bay Rays’ new ownership group is led by managing partner Patrick Zalupski, co-chair Bill Cosgrove and Babby. The group purchased the team from former principal owner Stuart Sternberg late last year. The proposed ballpark agreement remains subject to the scheduled votes by the Tampa City Council and Hillsborough County commissioners.
Source: Original report